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Banga will be the replacement for outgoing World Bank President David Malpass and was nominated by US President Joe Biden, who stated that Banga “has successfully built and managed global companies for more than three decades that create jobs and lead the investing in developing economies, and leading organizations in periods of fundamental change.
Ajay Banga takes over as president of the World Bank, which for the first time will be led by an Indian-American development expert executive who seeks to renew the entity to face new global challenges such as climate change or future pandemics.
Banga, 63, was the only contender to replace outgoing World Bank chief David Malpass, a former US Treasury official who worked in the Donald Trump administration. On May 3 Banga was confirmed by the bank’s board of governors in a vote of 24 of the board members, with Russia abstaining.
Following the appointment, Biden congratulated him, calling him a “transformational leader” who would “help steer the institution as it evolves and expands to meet global challenges that directly affect its core mission of poverty reduction, including the climate change”.
The new president of the World Bank was also president of Mastercard and among his achievements there is the Center for Inclusive Growth, which promotes equitable and sustainable economic growth and financial inclusion around the world.
The former executive chaired, honorarily, the International Chamber of Commerce, was environmental adviser to General Atlantic, BeyondNetZero and was co-chairman of the Alliance for Central America, a coalition of private organizations that promote economic growth in countries such as El Salvador, Guatemala and Honduras.
Banga has been associated with organizations such as the Board of Directors of the International Development Association (IDA), the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA) and the Board of Directors of the International Center for Settlement of Investment Disputes (ICSID).
Treasury Secretary Janet Yellen said Banga will enforce its “ambitious climate adaptation and emissions reduction targets.” His resume highlights the enormous link with the private sector and emerging countries.
with Reuters
